St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-09
LEAPED ALL BOUNDS.
Wild Scenes in the Wheat Pit On the
Chicago Board of Trade
Yesterday.
The Price of the Leading Cereal for the
May Option Forced Up On q
Squeeze"
Tremendous Profits and Equal Losses
Represented by the Weeks
Advance.
Transactions in the Financial Circles
of Wall straightforward Quo
tationS.
Special to the Globe.

Special to the Globe.
CHICAGO, March S.-With q persistency sell
dom euualed wheat is being cornered, and II
behooves the shorts to be careful. NO one
knows who is under wheat, and conjecture
amounts to nothing. Rosefeld Co. are
supposed TO have bought several
million bushels for the Hebrew clique
mt New York to-day at about The
top. The Armour clique is believed to have
sold May and to have bought June. The ma
nipulatiou did not become clear until this aft
ernoon. and then with Kershaw &
Co. (Armour) selling vast quantity
of Nav il looked as if the different bas cliques
were unloading on each other Just as this
conclusion was leaped at May wheat dropped
&c a bushel in less than five minutes. The
close was at S41sc for May wheat; 40c for
MAY corn; 5000 for May pork; $500 for
Nav ribs, and $3.50 for May lard. Nat Jones
said: wheat is undoubtedly cornered;
there isn't any doubt about 1t. They can't
fool me.
1T Is CORNERED,
100, by somebody with plenty or money.
Nav wheat this morning sold up to about $50.
The most sensational feature about it was
the June option, which week ago was at l9sc
premium over May, and was this morning lc
under May. This is indicative OF squeeze.
Howard Jackson said: ''The biggest buyer
in this market for weeks has been Armour.
He has bought steadily and without regard
TO price" w. T. Baker said: "a week or
two ago when wheat dropped back 20 SAC,
everybody thought it very cheap. Now, be-
cause it dropped to use, everybody thinks
it was a deal at sac. am bnll on wheat.
Mr.. Saver. of c. W. Brega & Co., said: "The
wheat is manipulated. There is no doubt
about it. The Liverpool, California and New
York markets are manipulated as well as this.
There is 70 be a squeeze. There is no douDt
about it," George Baldwin, said: wheat is
going TO sell higher" Arthur Orr, sald: II
don't believe Armour has a bushel of wheat,
and am bear ON the market" Pork was
traded in sparingly at 5000 There was
really very little speculation in provisions of
any sort but such as it was was in lard.
That advanced almost to sc for May.
THE ROUTINE REPORT.
CHICAGO March S.-The speculation in
wheat which has been steadily increasing for
d week past leaped all bounds to-day and the
scene in the pit during both sessions was very
wild. There was continuation OF the up
ward movement from the start, the first sales
for May delivery being made at S3540S39sc
higher than last nights closing, followed by
a quick advance to $3.50 with free buying all
the way up. This was followed by sharp
decline to S315c. followed by another upward
move which was not stayed until soc mad been
touched. The dealing was confined almost
being neglected and the outward evidences
were such that squeeze" in that month
was to be attempted. The excitement in the
pit during the advance was very great.
Sorts were thoroughly alarmed and 'short"
interests now acknowledged to be so large
that this advance of SIC from the low prices
current last week, meant tremendous profits
and consequent large losses among the
spectators. 1t was conceded than
THE BULL LEADERS
who could push wheat in the face of heavy
selling and generally bearish tone of market
for months must be very powerful and well
equipped for a fight. The advance of May
from S334c to SEC was almost instantaneous.
The options as to the power under the adj
vance were as many almost as the operations
in the pit. After the top was touched. and
even before it, there was heavy selling by
some of the parties identited with the Dull
side. The market sold Off to S5%c and
closed there at l o'clock. In the afternoon
May rose to be very large. For time the
market was but one remove from a panic.
May started in apparently strong, but i'm
mediately began breaking under enor-
nous offerings, and dropped by re
to S334c. There was combined
solid rush to sell out. If a broker could not
get what he wanted for 1t he took what he
could get. Around $3.50 the feeling became
solder, and prices recovered to S4i4c, finally
closing at S415c. Everything except wheat
standing the violent fluctuations, closed 1c
higher than last night. On the ''curb' late
in the afternoon. the price was S43sc. There
is a very broad suspicion that moneyed
combination contempates squeeze" in
wheat, but an interesting problem for
speculator to decide now is, "Who is under
wheat?" The truth probably will be found
that there is a number Of cliques under il.
There is a Cincinnati, San Fran
cisco, a New York and a Chicago
clique under different sections Of It. May and
June were quoted at the same figures at the
opening, but May at one time commanded a
premium of 1870 over June, but this was re-
duced to &c at the close. The best prices in
corn were had early, when May was 1870.
Later it got down to $500. but toward the
close recovered little from this figure,
selling at 401sc. There was no special features
in the market. Pretty much all hog products
developed into SLOW and featureless sort of
a deal, but prices were firm and made little
advance.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, March, 7S1sc closing at 7SHc;
May. S334c, closing at S41sc; June $500,
closing at s314c; July, S57sc, closing at
s2%c. Corn-No 9. March, 3434c, closing at
54s4c; May, 4O34c, closing at 4O@40sc;
June. 4l19c. closing at Ale: July, 421@c.
closing at 24c; May, 291sc, closing at 2Ss4c:
June, 29s4c, closing at 29hc. Mess
pork, per barrel-March, $40. so, closing
at S2O.35; May, s2l, closing at SPOTS; June,
SCI, closing at $1,000. Lard, per 100 pounds
March, $3.50. closing at $3.50: May, $T.63,
closing at $3.50; June, $767h, closing at
$685.. Short ribs per 100 peunds-March,
SS.471a, closing at $3.50; May, $50, closing
at $3.50; June, SS.T0, closing at $3.50.
Cash quotations were as follows: Flour f1rmer
but not quotably higher. Whear-No 2
pring. 7S2s@S01ac; No. spring, 731$@74c;
40. red, nominal. Corn-No. 2, 34s4@371 Nc.
Oats-No. 2, 24c. Rye-No. 2, sac. Barley
No. 2, 49@50c. Flax seed-No. /, $1.0s. Prime
timothy seed, $1.7S@1.S0. Mess pork. per
Dbl, $40. 35@2O.40. Lard, per 100 lbs, $7.65.
Short ribs, sides, loose, $s.55@s.6O; dry sailed
shoulders, boxed, $6al6.25; short clear sides,
boxed, SS.S0@S.90. Whisky, dlstillers' fin-
ished goods, per gal, Sl.1S. Sugars, cut
loaf, 64@6Ac; granulated, &c; standard
"A,' 57a@5s4c. Receipts-F1our, 10000 bbls;
wheat, 29, 900 bu; corn, 1T5,00e bu; oats, 1884,
600 bu; rye. 1000 bu; barley, $1,000 bu.
Shipments-Flour, $4,000 bbls; wheat, 6S,-
900 bu; corn. $4,000 bu: oats, 10000 bu:
rye, none; barley, 10000 bu. On the produce
exchange to-day the butter market was firm;
creamery, 25@32c per ID; dairy, 24@27c; eggs,
1491474c.
PETER BERKEY, Pres F. W. ANDERSON, Cashier
CIV .GRIGGs, Wires. A. c. ANDERSON, Asst.
THE ST. PAUL NATIONAL BANK